The 25-year-old only teamed up with former French Open champion Moya in January before adding John McEnroe briefly to his coaching set-up in the summer.
The big-serving Canadian was runner-up to Andy Murray at Wimbledon in July.
He also made the semi-finals of the World Tour finals in London before ending 2016 at a career-high three in the world behind top-ranked Murray and Novak Djokovic.
"Thank you to Carlos Moya for helping me tremendously this year, alongside my team, to get the best out of me," tweeted Raonic.
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